SUWANEE, Ga., Oct. 13, 2020 (GLOBE NEWSWIRE) -- Digirad Corporation (Nasdaq: DRAD; DRADP) (Digirad or the Company), a diversified holding company with three divisions: Healthcare, Building & Construction, and Real Estate & Investments, announced today that KBS Builders, Inc. (KBS) has signed Phase 3 of its previously announced project with Tocci Building Corporation (Tocci), a Massachusetts-based general contractor and construction management company.
Phase 3 of this project, valued at $1.5 million, increases the total project size by an additional 26 building modules and 6 living units. All three phases of this project have a combined value of $6.7 million and are for the manufacture of 124 building modules to be used in the production of 28 single-family and townhouse units for the U.S. Army Natick Soldier Systems Center in Natick, MA. Phase 1 of the project has been completed. The townhouse and duplex style homes under Phase 2 of this project have commenced and building set and erection is scheduled to start later this month. All 124 modular units are being manufactured at KBSs plant in South Paris, ME, which has a production capacity of 500 to 600 building modules per year.
Jeff Eberwein, Digirads Chairman, noted, The award of Phase 3 of this project is an indication of the confidence our client has in our ability to manufacture high-quality building modules for this project. As we previously announced, KBS has increased its work force by over 20% versus pre-COVID levels to meet the higher manufacturing requirements for recently won commercial projects. KBSs backlog and sales pipeline, along with its market initiatives to build more workforce housing, position KBS for strong growth going forward.
About Digirad CorporationDigirad Corporation is a diversified holding company with three divisions: Healthcare, Building & Construction, and Real Estate & Investments.
Healthcare Division (Digirad Health)Digirad Health designs, manufactures, and distributes diagnostic medical imaging products and services. Digirad Health operates in three businesses: Diagnostic Imaging, Diagnostic Services,and Mobile Healthcare. The Diagnostic Imaging business designs, manufactures, and sells proprietary solid-state gamma cameras. It also services the installed base of these proprietary cameras. The Diagnostic Services business offers imaging and monitoring services to healthcare providers as an alternative to purchasing equipment or outsourcing procedures. The Mobile Healthcarebusiness provides contract diagnostic imaging, including computerized tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), PET/CT, and nuclear medicine and healthcare expertise through a convenient, mobile service.
Building & Construction Division (ATRM)ATRM Holdings, Inc. (ATRM) manufactures modular housing units for commercial and residential real estate projects. ATRM operates in two businesses: (i) modular building manufacturing and (ii) structural wall panel and wood foundation manufacturing, including building supply retail operations. The modular building manufacturing business is operated by KBS Builders, Inc. (KBS), the structural wall panel and wood foundation manufacturing segment is operated by EdgeBuilder, Inc. (EdgeBuilder), and the retail building supplies are sold through Glenbrook Building Supply, Inc. (Glenbrook). KBS, EdgeBuilder, and Glenbrook are all wholly-owned subsidiaries of ATRM, which is a wholly-owned subsidiary of Digirad.
Real Estate & Investments DivisionThis business division manages the Companys real estate assets and investments.
Forward-Looking Statements Disclaimer StatementSafe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release that are not statements of historical fact are hereby identified as forward-looking statements for the purpose of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking Statements include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to acquisitions and related integration, development of commercially viable products, novel technologies, and modern applicable services, (ii) projections of income (including income/loss), EBITDA, earnings (including earnings/loss) per share, free cash flow (FCF), capital expenditures, cost reductions, capital structure or other financial items, (iii) the future financial performance of Digirad Corporation or acquisition targets and (iv) the assumptions underlying or relating to any statement described above. Moreover, forward-looking statements necessarily involve assumptions on the Companys part. These forward-looking statements generally are identified by the words believe, expect, anticipate, estimate, project, intend, plan, should, may, will, would, will be, will continue or similar expressions. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described above as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the substantial amount of debt of the Company and the Companys ability to repay or refinance it or incur additional debt in the future; the Companys need for a significant amount of cash to service and repay the debt and to pay dividends on the Companys preferred stock; the restrictions contained in the debt agreements that limit the discretion of management in operating the business; legal, regulatory, political and economic risks in markets and public health crises that reduce economic activity and cause restrictions on operations (including the recent coronavirus COVID-19 outbreak); the length of time associated with servicing customers; losses of significant contracts or failure to get potential contracts being discussed; disruptions in the relationship with third party vendors; accounts receivable turnover; insufficient cash flows and resulting lack of liquidity; the Company's inability to expand the Company's business; unfavorable changes in the extensive governmental legislation and regulations governing healthcare providers and the provision of healthcare services and the competitive impact of such changes (including unfavorable changes to reimbursement policies); high costs of regulatory compliance; the liability and compliance costs regarding environmental regulations; the underlying condition of the technology support industry; the lack of product diversification; development and introduction of new technologies and intense competition in the healthcare industry; existing or increased competition; risks to the price and volatility of the Companys common stock and preferred stock; stock volatility and in liquidity; risks to preferred stockholders of not receiving dividends and risks to the Companys ability to pursue growth opportunities if the Company continues to pay dividends according to the terms of the Companys preferred stock; the Companys ability to execute on its business strategy (including any cost reduction plans); the Companys failure to realize expected benefits of restructuring and cost-cutting actions; the Companys ability to preserve and monetize its net operating losses; risks associated with the Companys possible pursuit of acquisitions; the Companys ability to consummate successful acquisitions and execute related integration, including to successfully integrate ATRMs operations and realize the synergies from the acquisition of ATRM, as well as factors related to the Companys business (including ATRM) including economic and financial market conditions generally and economic conditions in the Companys markets; failure to keep pace with evolving technologies and difficulties integrating technologies; system failures; losses of key management personnel and the inability to attract and retain highly qualified management and personnel in the future; and the continued demand for and market acceptance of the Companys services. For a detailed discussion of cautionary statements and risks that may affect the Companys future results of operations and financial results, please refer to the Companys filings with the Securities and Exchange Commission, including, but not limited to, the risk factors in the Companys most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. This release reflects managements views as of the date presented.
All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
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